Hampton Roads Ventures, LLC (HRV) will receive an allocation of $45 million in New Markets Tax Credits (NMTC) authority from the U.S. Treasury Community Development Financial Institutions Fund (CDFI Fund). HRV was one of 85 organizations, out of 282 applicants nationwide, that was awarded a portion of the total $3.5 billion in NMTC allocations, as part of the Tax Relief, Unemployment Insurance Authorization and Job Creation Act of 2012.
In this highly competitive allocation process, HRV received the highest award in Virginia and was chosen over larger entities in New York, San Francisco, Phoenix, Dallas and other major cities.
HRV has identified three project types that will receive their continued support: light industrial; retail; and healthcare. HRV will continue to focus its allocation on projects that will increase jobs, provide significant positive impact within low income communities, and offer a catalytic effect to spur additional private investment in disadvantage communities.
HRV has identified nine eligible projects that are in the pipeline to receive assistance through the NMTC program. These projects are located in Lacassine, LA; Burlington, MO; Calhoun, GA, Pearsall, TX; Daytona Beach, FL; St. Louis, MO; Memphis, TN; Dallas, TX; and New Orleans, LA.
To date, HRV has successfully competed for and deployed $160 million in NMTC allocations from four previous funding rounds. HRV has closed 12 projects totaling over $100 million in Qualified Low Income Community Investments (QLICI) during the past five years, with six of the 12 during 2011 alone. These projects have created 2,815 construction jobs and 1,240 jobs at tenant businesses.
Hampton Roads Ventures, LLC, a subsidiary of the Norfolk Redevelopment and Housing Authority, is a community development investment firm specializing in attracting private-sector investment capital into innovative economic community development projects in under-served communities, particularly lower income urban and rural communities. HRV works closely with local business, governmental and civic leaders to identify investment opportunities that will be a catalyst for additional private sector investment and development.
More information on the Community Development Financial Institutions Fund award list can be found at http://www.cdfifund.gov/.